Boutique Commercial Asset Sells for $2.75m

27 February 2017

A tenanted investment on the doorstep of the Brisbane CBD at 164 Wharf Street in Spring Hill, has changed hands for $2,750,000 in a hotly contested on-market campaign.

Savills Jack Morrison and Nick Russell, who negotiated the sale between the private vendor and purchaser, fielded multiple strong offers for the 484sq m freestanding commercial building, which is leased to a national information technology company.

Savills Senior Executive of Metropolitan for Capital Transactions in Queensland, Jack Morrison, said offers for the property were in the double digits at the close of the marketing campaign.

“Assets of this nature are attracting a high level of interest in the current market, and the key characteristics of the property proved universally appealing,” Mr Morrison said.

“164 Wharf Street presented a secure income, and a palatable price point, on a property that is underpinned by excellent bones. It offers a boutique building size with the potential to split its two floors in the future, along with basement car parks for nine vehicles and two street frontages.”

Savills Executive of Metropolitan for Capital Transactions in Queensland, Nick Russell, said the Spring Hill locality is viewed by many to be an excellent location in which to invest.

“With the recent alterations in Brisbane City Council Planning to cater for higher density development in key areas within the precinct, Spring Hill positions itself as a location destined for strong future growth,” Mr Russell said.

“We are seeing an increased number of buyers looking to Spring Hill to meet their property needs, recognising the potential of the suburb which borders the CBD.”

The transaction represents a sale rate of $5,682/sq m on the net lettable area and $8,703/sq m on the 316sq m site area.